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European natural gas futures spike 42.6% in wake of shutdown of major Gulf liquid natural gas supplier
QatarEnergy halted LNG production citing attacks amid regional conflict, causing a 40% spike in European natural gas futures and disrupting key Strait of Hormuz shipments.
- On Monday, European whole gas prices soared by 52% after QatarEnergy said it 'ceased production' following attacks, triggering sharp market reactions in London.
- Qatar, a major LNG exporter responsible for about a fifth of global supplies, faced disruption after Qatari ministers reported an Iranian drone attack on a production facility near the Strait of Hormuz.
- In London, natural gas for April delivery rose about 43% to 115p per therm while Brent crude climbed as much as 13%, topping 82 dollars a barrel before easing.
- In the UK, domestic energy costs could rise, affecting UK households in the coming months, while defence stocks like BAE Systems rose 7.4% and energy firms Shell and BP gained 4.5% and 3.5%.
- Analysts warn that while inventories and fundamentals remain anchors, the U.S.-Iran weekend strikes have raised geopolitical risk premiums and injected fresh uncertainty into the European natural gas market.
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Total News Sources230
Leaning Left45Leaning Right23Center89Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
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